I think it might make sense to hold off on this right now. For the next version of the website perhaps it'd make sense to have an additional field for concerts: bitrate - is that what 16/24 refers to? Or is it better termed "bit encoding"? Or something else?
I think fields for "bit rate" and "sample rate" would be most beneficial. I'd make them in the form ___ bit and ___ kHz, with only the blanks fillable with numbers. Allow 2 digits for bit and 3 for sample rate That way, you're kind of futureproofed for 24-bit/192 kHz or beyond.